NEW DELHI: BJP IT cell chief Amit Malviya launched a scathing attack on Congress leader Rahul Gandhi following his comments on the surge in Futures and Options (F&O) trading and losses incurred by small investors .
In a recent X post, Leader of Opposition in Lok Sabha criticised the rise in F&O trading, claiming that 90% of small investors have lost Rs 1.8 lakh crore over the past three years and urged the Securities and Exchange Board of India ( SEBI ) to disclose the names of "Big Players" profiting at the expense of these investors.
"Uncontrolled F&O trading has grown 45x in 5 years. 90% of small investors have lost Rs 1.8 lakh Cr in 3 years. SEBI must reveal the names of the so-called 'Big Players' making a killing at their expense," Gandhi said.
Responding to this, Malviya sharply criticised Gandhi, calling him "Ignoramus Maximus" and accused him of lacking understanding in financial matters. In a strongly-worded X post, Malviya pointed out that SEBI has been transparent about the risks of F&O trading.
"Once again, the 'Ignoramus Maximus' lives up to his name, proving his lack of understanding on matters concerning Finance and Economics. Ironically, it is the SEBI itself, that actively made details of the profits and losses on Futures and Options (F&O) public, so that participants are well-informed of the risks," Malviya said.
Malviya further stated that the government has been cautioning traders about the risks involved in F&O trading. "Various Govt functionaries in the last 5-6 months, including the FM, CEA, SEBI and NSE Chief, have cautioned traders about the risks involved in F&O trades," he added.
Malviya also accused the Congress and its leaders of promoting illegal betting platforms , alleging that the ill-gotten money was used to fund the party. "While the Govt discourages uninformed investments in F&O, so that people don't suffer losses, Congress party and its senior leaders, like former Chhattisgarh Chief Minister, have actively promoted illegal betting apps like Mahadev and used the ill-gotten wealth to fund the Congress. People have lost crores in the process," he claimed.
Taking a direct dig at Gandhi, Malviya wrote, "You have left no opportunity to exploit people either. Remember, your sinister attempt to talk the market down? Not to forget, the Congress is the mouthpiece of a global short seller, which wants to make money from a market collapse."
He criticised Gandhi and said that he should focus on internal matters before lecturing on finance. He said, "Yet, you have the temerity to lecture on risks of a well-established and accepted market instrument. If hypocrisy had a face, it would be yours. So save your breath. Your words are about as useful as an umbrella in a hurricane."
"Next time you want to lecture on Finance or Ethics, it may be a good idea to clean the muck at your own doorstep, first," Malviya added.
In a recent X post, Leader of Opposition in Lok Sabha criticised the rise in F&O trading, claiming that 90% of small investors have lost Rs 1.8 lakh crore over the past three years and urged the Securities and Exchange Board of India ( SEBI ) to disclose the names of "Big Players" profiting at the expense of these investors.
Uncontrolled F&O trading has grown 45x in 5 years.
— Rahul Gandhi (@RahulGandhi) September 24, 2024
90% of small investors have lost ₹1.8 lakh Cr in 3 years.
SEBI must reveal the names of the so called “Big Players“ making a killing at their expense.
"Uncontrolled F&O trading has grown 45x in 5 years. 90% of small investors have lost Rs 1.8 lakh Cr in 3 years. SEBI must reveal the names of the so-called 'Big Players' making a killing at their expense," Gandhi said.
Responding to this, Malviya sharply criticised Gandhi, calling him "Ignoramus Maximus" and accused him of lacking understanding in financial matters. In a strongly-worded X post, Malviya pointed out that SEBI has been transparent about the risks of F&O trading.
Once again, the 'Ignoramus Maximus' lives up to his name, proving his lack of understanding on matters concerning Finance and Economics .
— Amit Malviya (@amitmalviya) September 24, 2024
Ironically, it is the SEBI itself, that actively made details of the profits and losses on Futures and Options (F&O) public, so that… https://t.co/nbYSX0fqzm
"Once again, the 'Ignoramus Maximus' lives up to his name, proving his lack of understanding on matters concerning Finance and Economics. Ironically, it is the SEBI itself, that actively made details of the profits and losses on Futures and Options (F&O) public, so that participants are well-informed of the risks," Malviya said.
Malviya further stated that the government has been cautioning traders about the risks involved in F&O trading. "Various Govt functionaries in the last 5-6 months, including the FM, CEA, SEBI and NSE Chief, have cautioned traders about the risks involved in F&O trades," he added.
Malviya also accused the Congress and its leaders of promoting illegal betting platforms , alleging that the ill-gotten money was used to fund the party. "While the Govt discourages uninformed investments in F&O, so that people don't suffer losses, Congress party and its senior leaders, like former Chhattisgarh Chief Minister, have actively promoted illegal betting apps like Mahadev and used the ill-gotten wealth to fund the Congress. People have lost crores in the process," he claimed.
Taking a direct dig at Gandhi, Malviya wrote, "You have left no opportunity to exploit people either. Remember, your sinister attempt to talk the market down? Not to forget, the Congress is the mouthpiece of a global short seller, which wants to make money from a market collapse."
He criticised Gandhi and said that he should focus on internal matters before lecturing on finance. He said, "Yet, you have the temerity to lecture on risks of a well-established and accepted market instrument. If hypocrisy had a face, it would be yours. So save your breath. Your words are about as useful as an umbrella in a hurricane."
"Next time you want to lecture on Finance or Ethics, it may be a good idea to clean the muck at your own doorstep, first," Malviya added.
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